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Saturday, January 23, 2010

Fwd: UPDATES FROM TAX GURU (in this message: 15 new items)



---------- Forwarded message ----------
From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Sat, Jan 23, 2010 at 9:37 AM
Subject: UPDATES FROM TAX GURU (in this message: 15 new items)
To: palashbiswaskl@gmail.com


UPDATES FROM TAX GURU (in this message: 15 new items)

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

DGFT public notice on Amendments/corrections in SION C-23 and C-2046

Posted: 22 Jan 2010 10:27 AM PST

In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2004-09 and Paragraph 1.1 of the Handbook of Procedures (Vol.1), the Director General of Foreign Trade hereby makes the following amendments/corrections in the...

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Custom duty order Appointing Common Adjudicting Authority in case of M/s Regular Exports, Ludhiana and others

Posted: 22 Jan 2010 10:23 AM PST

In exercise of the powers conferred under the Notification No. 01/2003-Customs (N.T.) dated 3rd January, 2003 read with Notification No. 37/2003-Customs (N.T.) dated 3rd June, 2003 issued under sub-section (1) of section 4 of the Customs Act, 1962...

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Custom duty circular Amending Notification No. 189/2009- Customs (N.T) dated 31.12.2009

Posted: 22 Jan 2010 10:14 AM PST

Amends Notification No. 189/2009- Customs (N.T) dated 31.12.2009 vide which the Customs Tariff (Determination of Origin of Goods under the Preferential Trade Agreement between the Governments of Member States of the Association of Southeast Asian...

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Govt may raise gratuity ceiling limit for private sector employees from Rs 3.5 lakh to Rs 10 lakh

Posted: 22 Jan 2010 10:06 AM PST

The Government on Friday said there was "near unanimity" among all stakeholders to raise the ceiling of payment on gratuity for private sector employees from Rs 3.5 lakh to Rs 10 lakh and hoped a decision in this regard will be taken before the...

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No service tax on services received abroad between March 2002 and April 2006: Supreme Court

Posted: 22 Jan 2010 09:59 AM PST

The Supreme Court has dismissed the Centre's plea challenging the Bombay High Court ruling that restrained it from levying service tax from Indian National Shipowners Association for services received abroad between March 2002 and April 2006. The...

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Government asked RBI it to consider classifying loans to the infrastructure sector as secured

Posted: 22 Jan 2010 09:51 AM PST

The government has written to the RBI asking it to consider classifying loans to the infrastructure sector as secured lending to increase the flow of funds to the sector, a finance ministry official told. As per RBI guidelines, loans given to...

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Orissa government imposed entertainment tax on DTH operators

Posted: 22 Jan 2010 09:47 AM PST

Direct to Home [DTH] operators will have to cough up five per cent of their gross receipt as entertainment tax to Orissa government's coffer. This was decided in the cabinet meeting chaired by chief minister, Naveen Patnaik on Thursday. State...

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Professional Opportunities- Only for the 12 Past Presidents ICAI

Posted: 22 Jan 2010 09:29 AM PST

Airports Authority of India require panel of chartered accountants firms for verification of annual fees for Joint venture Projects. The criteria of the Firm is to have past president ICAI as active(?)partner of the Chartered Accountant firm. It...

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IT department is giving special attention to collection from TDS

Posted: 22 Jan 2010 09:23 AM PST

The Income Tax department is giving special attention to tax deducted at source (TDS) as it aims to turn in the highest ever collection from the segment this financial year. During the last five years, the contribution from TDS had gone up from 33...

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Two separate sets of accounting standards u/s section 211(3C) of the Companies act agreed upon by the core group for convergence of Indian accounting standards with IFRS

Posted: 22 Jan 2010 09:18 AM PST

The Core Group, constituted by the Ministry of Corporate Affairs for convergence of Indian Accounting Standards with International Financial Reporting Standards (IFRS) from April, 2011, that held its meeting on 11th January 2010 agreed that in view...

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Central Board of Direct Taxes sought report on "income- tax refund scam"

Posted: 22 Jan 2010 09:12 AM PST

The Central Board of Direct Taxes (CBDT) has sought a detailed report from the field formation in Mumbai over the reported "income- tax refund scam" in that jurisdiction. "The Government has called for a report. We are monitoring the situation,"...

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"Scheme of assistance to training institutions" to train 500 million persons by 2022

Posted: 22 Jan 2010 09:07 AM PST

The Ministry of Micro, Small & Medium Enterprises has been implementing a plan scheme of "Assistance to Training Institutions" , commonly known as the EDI scheme since 1993-94. Under the scheme assistance is provided to existing and new...

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List of Terrorist Individuals/ Organisations – under UNSCR 1267(1999) and 1822(2008) on Taliban/Al-Qaida Organisation

Posted: 22 Jan 2010 09:01 AM PST

Please refer to our circular letter DBOD. AML.No.11031/14.06.059/2009-10 dated December 21, 2009. We have since received from Government of India (Ministry of External Affairs) copy of note dated January 19, 2010 from the Chairman of UN Security...

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Requirement of Fee Clearance and NOC – Non applicability in respect of certain category of members of stock exchanges

Posted: 22 Jan 2010 08:57 AM PST

trading members and clearing members in the equity derivatives and currency derivatives segments. stock brokers in the cash segment who are covered under Schedule III A [payment of fees by stock brokers] of the SEBI (Stock Brokers and Sub-brokers)...

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Job Work and Reversal: All is Well……

Posted: 22 Jan 2010 08:48 AM PST

The credit taken on common inputs is very small but the demand is very huge. The authors of this article have come across the situation where the credit taken on common inputs was only Rs. 30,000 but the demand raised was around Rs. 65 Lakhs. Thus,...

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--
Palash Biswas
Pl Read:
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